Technical Feature - P&I Clubs: Skuld Continues Strategy to Price Risks Accurately
Insights - Riding Out the Storm with Sound Risk Management Solutions
Global News - Insurance the Only Capital Available for Risk
In the past five years, Skuld has asked for one of the lowest general increases, and has not asked for any supplementary calls. Mr Christopher Hall, Vice President and Head of Skuld Singapore Representative Office, said that such saving is the “bottom line” advantage enjoyed by their members as a result of their...
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The difficult market climate today is providing RSA in Asia with opportunities to reaffirm itself as the preferred insurer. RSA Singapore and RSA China share how they are riding the storm with a focus on its Risk Management Solutions and other key sectors.
With the failure of investment banks and capital markets, insurance may be the only capital available for risk, said Mr Joe Plumeri, Chairman and CEO of Willis Group Holdings.
One of the upsides of working in a developing market is that it gives someone much room to drive initiatives and to innovate. This is exactly what Mr Jagath Alwis, Technical Director of the Board of Ceylinco Insurance and President of the Insurance Association of Sri Lanka (IASL), has found himself doing as a leading figure in...
With the global financial crisis leaving a trail of destruction among companies in almost all industries, the reinsurance industry is also seeking to increase rates in these difficult times. However, Mr Seymour Matthews, Managing Director of Cooper Gay Reinsurance Brokers, told our Journalist, Ms Min Yong, during the...
Much has been said about the current financial crisis, but so far not much has been articulated about the turmoil’s real impact on insurers. Our Journalist, Ms Manuelita Contreras, speaks to Mr Graham Handy, Advisory Services and Practice Leader, Asean Actuarial Services, Ernst & Young Solutions, to get an expert view...
When the US hits bottom, are the emerging markets going to be vibrant? This key question was a focal point for Dr Ian Bremmer, President of New York-based Eurasia Group’s speech at the Terrorism Conference held in Singapore late last year. Here, he tells Asia Insurance Review what could happen to the markets in...
Mr Paul May, the Deputy President of the International Federation of Adjusting Associations (IFAA), and a past president of the UK’s CILA and FUEDI, the European Adjusting Association, talks to Asia Insurance Review about the IFAA’s aspirations, what it hopes to achieve in the international arena in the next...
Thanks to the restricted investment regulations meted out by the IRDA, most insurers in India have escaped the financial fallouts which had hammered some of the international insurers. Though they are wary of the impending economic recession looming worldwide of which they may not be totally immune to, most industry players are optimistic...
Having been in charge since June 2008, a critical time when the government was looking at pushing a legislation to increase the foreign direct investment (FDI) in the insurance sector, Mr J Hari Narayan, the Chairman of the Insurance Regulatory and Development Authority (IRDA), is now positive about the country’s insurance...
The Indian insurance market exploded with growth when it was privatised almost 10 years ago and new players started setting up shop here. However, with the current financial turmoil of which India is not immune to, the life insurance industry is gearing up to meet the difficult times. Mr Vijai R Swaminathan, Lead –...
The Life Insurance Corporation of India (LIC) is the country’s largest and oldest life insurer as well as one of the largest life insurers in the world. Ranked as the most trusted service brand for the fifth consecutive year by the Economic Times Brand Equity Survey, the company also boasts one of the best claim settlement ratios in the...
Max New York Life Insurance Co is a joint venture between New York Life International, LLC, international business company of New York Life and Max India Limited, one of India’s leading multi-business corporations. Having only recently taken over the reign of one of the fastest growing life insurers in India, Mr Rajesh...
Since the opening up of the insurance sector in late 2000, the incumbent four public sector companies and the new private sector companies have been competing aggressively for business. There are currently 16 companies in the Indian non-life insurance market and with an economic slowdown forecast, it is going to be difficult times ahead for...
GIC Re, India’s national reinsurer, had a great year, having being ranked 16th in the S&P Top 40 global reinsurers. In an exclusive interview with our Indian Correspondent, Mr Jimmy John, Mr Yogesh Lohiya, Chairman-cum-Managing Director of the company talks about the challenges of doing business in the...
With a spate of terror attacks in 2008, India is today the hotbed of terrorism activities in South Asia and the insurance industry needs to quickly respond to this challenge, says Mr Jimmy John, Asia Insurance Review’s correspondent in India.
The compelling insight that poverty and economic marginalisation can be banished through financial empowerment had brought innovations like microfinance. Mr P C James, General Manager of Agriculture Insurance Company of India Ltd (AIC), the company which won the prestigious 2008 Innovation of the Year Award at the 12th Asia...
India is a young country with the average age of its population being 26 years. But this may not continue for long as the growth rate of an elderly population (those above 60 years of age) is 3.8%, higher than the general population growth of 1.8%. Dr H Sadhak, CEO of LIC Pension Funds tells Asia Insurance Review that...
Insurance fraud is a crime. However in a country like India where the concept of insurance is not popular among the population, insurance fraud is regarded rather lightly. In this article, Dr George E Thomas, Chief Manager, Tariff Advisory Committee, gives his views that concerted actions are required by the Indian government,...
Few could have predicted the rapid turn of events over the past few months. Almost overnight, the financial world completely shifted. The reinsurance market is also feeling the effects of change. The soft market, which has lasted for more than four years, is now over. Munich Re looks at the implications of the financial crisis on reinsurance in...
A year does not pass without Asia’s insurance industries leaving changes or developments that mark important traits in their respective markets. Be these good or bad news, 2008 ended with a huge concern focused on the current global financial crisis. Within the insurance industry, the markets’ resilience are now being tested. Insurance...
It is a time of plummeting earnings for shipowners compounded with a dismal investment climate. In this Technical Feature, eight P&I Clubs talk about the need to focus on underwriting results, proper pricing of risks, strengthen their financial positions and giving best service to their members. There is also a report from the 34th AGM of...
Against the background of increasingly boldly attacks from pirates in the Gulf of Aden, members of the Federation of ASEAN Shipowners’ Associations (FASA) met in Hanoi, Vietnam late last year for their 34th Annual General Meeting, and discussed about the urgent need to focus on issues relating to the safe navigation of ships. The FASA also...
Committed to increasing the levels of capital adequacy and bolstered by good underwriting performances, the American Club is confident of its capital and surplus requirements even in these tough times. Mr Joe Hughes, Chairman and CEO, Shipowners Claims Bureau, managers for the American Club, said that the plan is to call an...
One of the largest P&I clubs in the world, Gard’s overall volumes have continued to grow in 2008. Mr Richard Corwin, Regional Director of Gard AS, said that while it is almost impossible to escape the current problems in the financial markets, Gard did not suffer any credit losses due to the failure or suspension of...
With claims costs going up and insurers looking for premium increases in these difficult times, P&I Clubs need to be stringent about their underwriting as investment incomes are no longer a safety blanket they can hide under. Mr Simon Swallow, Commercial Director of Shipowners Protection Limited, calls on everyone in the...
Standard Club is calling for a 15% general increase in premium rates for all its members and Mr Robert Drummond, Director, Charles Taylor Mutual Management (Asia) Pte Ltd as managers, said that the Club does not however expect to make supplementary calls for any open year. Affirming that the free reserves of Standard Club remain...
Calling for a 15% general increase and a decision for supplementary calls, The Swedish Club is confident that with these capital injections, the Club will be in a good position to move forward. Mr Henric Gard, Director, Marketing & Business Development, The Swedish Club, tells Asia Insurance Review that in...
The UK Club’s initiative in 2008 of raising US$100 million in hybrid capital – so as to provide a long-term financial bedrock in its reserves and prepare for the demand for higher levels of solvency by regulators – created a buzz in the P&I community. In this article, Mr Nick Whitear, Marketing Director...
Appointed as the ME Correspondents for 13 International Group Clubs, GAC Dubai, has been diligent in its work of handling the Clubs’ claims in the Middle East. Ms Meena Mathews, P&I Regional Manager – Middle East/Business Manager of Gulf Agency Company (Dubai) LLC gives us a brief update on the claims situation there.
Last year, when some banks and financial guarantors began running into severe (and in some cases ultimately bankruptcy-triggering) shortages of liquidity, The Geneva Association wondered about the risks that this financial crisis might pose to the insurance industry. Mr Patrick M Liedtke of The Geneva Association tells us what...
The UK Court of Appeal’s decision in Kidsons concerned the interpretation of a deeming provision in a claims-made policy, and dealt with everyday issues for the insurance market, such as the timing and content of notifications of circumstances. The team at Barlow Lyde & Gilbert LLP discusses the case, the significance of the ruling...
How do you know you can rely on the equipment and products to prevent or mitigate a loss? FM Approvals shares its insight on how certified loss prevention products can help organisations better manage property risk and keep their businesses operational.
People who flock to other countries to retire must not forget to check out the taxation landscapes of these new countries. Friends Provident International looks at what plans one can undertake when retiring to the southern part of Asia.
Insurance brokers in mainland China are encountering a number of legal issues in their daily operations. Deacons Shanghai offers advice on what brokers can do to cope with them.
The Australian Reinsurance Pool Corporation offers terrorism reinsurance covering eligible losses in Australia due to a Declared Terrorism Incident. Mr Michael Pennell explains the operation of the scheme.
Reinsurers play an important part in the quality of the health insurance products and services. Five reinsurers reveal their plans for the new year, the challenges they faced and their views on the health insurance industry.
At last year’s East Asian Insurance Congress (EAIC) in Hong Kong, it was refreshing to see the large number of over 1,100 delegates amid the financial markets rough and tumble. We give a report on the important discussions which dominated the event.
Two of our Journalists, Ms Min Yong and Ms Manuelita Contreras attended the EAIC for the first time last year. Here’s what they have to say about their debut there!
Asia’s insurance companies are expected to avoid major liquidity problems stemming from the global financial crisis, but investment income will decrease as interest rates fall in the medium term, and companies will focus on underwriting profit, said AM Best.
The difficult market conditions could delay American International Group’s (AIG) plans to sell its assets, said Chairman and CEO, Mr Edward Liddy.
Asia’s emerging economies will continue to grow this year despite the global financial crisis and economic slowdown. Their GDP will grow by 5.9% this year, after 7.2% in 2008, according to Allianz Dresdner Economic Research’s economists.
The planned merger between Britain’s Chartered Insurance Institute (CII) and the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) had been deferred.
AXIS Capital has bought managing general agent Dexta Corporation from its shareholders, Ironbridge Capital, Dexta Holdings NV and other minority shareholders.
Superannuation (Pensions) administration provider Superpartners aims to become “100% electronic” in three years’ time and plans to invest A$70 million (US$46.6 million) in replacing its core administration systems and other IT processes.
With the financial crisis prodding regulators to exercise more caution, UK-based RSA Insurance Group said it was slackening its plans for expansion in China, according to news reports.
Ping An Insurance (Group) Co’s Ping An Property & Casualty Insurance Company of China, won regulatory approval to hike its capital to 4 billion yuan (US$585 million) from the previous 3 billion yuan, said the China Insurance Regulatory Commission.
Hong Kong non-life underwriting profit fell from HK$893 million (US$115 million) to HK$130 million in the first nine months of 2008 due to adverse claims, with the motor business turning from a profit of HK$13 million to a loss of HK$223 million.
The November terrorist attacks in Mumbai were likely to encourage caution among insurers that provide terrorism cover, said Mr Malcolm Steingold, CEO Aon Benfield Asia Pacific, in a news report.
Japan’s Tokio Marine and its subsidiary R J Kiln & Co Ltd have formed a new Lloyd’s marine syndicate that provides £200 million (US$299.7 million) in capacity.
Bids for the sale of Kumho Life Insurance have been closed and a deal is expected to be in the offing.
Insurance Australia Group Limited (IAG) increased its stake in the general insurance business of AmAssurance, its joint venture in Malaysia, from 30% to 49%, lifting its overall investment in Malaysia to around A$20 million (US$13.3 million).
UK life and pensions company, Friends Provident signed an agreement with AMMB Holdings Berhad to buy a 30% stake in AmLife Insurance Berhad, a business comprising the life operations of AmAssurance Berhad.
Pensioners of the state insurance fund Government Service Insurance System (GSIS) would receive increased financial benefits starting this year, with pensions for old-age and disability beneficiaries to be hiked from PHP7,200 (US$153.3) to PHP7,800 a month, said GSIS President and General Manager, Mr Winston Garcia.
“CPFTA” was the buzzword of a recently held seminar by the Singapore Insurance Institute (SII) that addressed the facts and myths of the Consumer Protection (Fair Trading) Act (CPFTA), which was recently passed in Singapore Parliament, in relation to the insurance and financial sectors.
Vietnam‘s insurance industry aims to achieve an average growth rate of between 12-13% this year, with additional goals of 8-10% for the life sector and 15-18% for other forms of insurance, said the Ministry of Finance in local news reports.
To maintain prudent underwriting discipline; have ongoing evaluations of the standards framework; review claims and underwriting protocols that apply to overseas trading centres; manage relationships with rating agencies; develop Lloyd’s presence in key markets and enhance business information tools through more robust IT platforms –...
Mr Bernard Madoff, a 70-year-old Wall Street veteran and former Chairman of the NASDAQ stock exchange, could be named the world’s biggest fraudster after he confessed to swindling US$50 billion from investors.
The overall reinsurance industry has displayed considerable resistance to, and durability in, the ongoing financial crisis, the International Association of Insurance Supervisors (IAIS) said in its annual overview of the financial condition of reinsurers.
The International Insurance Society (IIS) has announced five candidates for the 2009 Insurance Hall of Fame Awards, considered the pre-eminent achievement award in the industry.
Despite the decline of variable annuity (VA) sales, overall sales of individual annuities continue at a record setting pace in 2008, reaching US$197.1 billion through the first three quarters, according to LIMRA’s U.S. Individual Annuities Third Quarter 2008 Sales Report.
A new United Nations convention on carriage contracts (‘Rotterdam Rules’) will impact the liability of marine terminal operators when it comes into force, according to TT Club, a leading provider of insurance and related risk management services in the international transport and logistics industry.
The deal was sealed, and the broking world saw the biggest acquisition between two brokers in recent years. In November last year, Benfield Group officially merged with Aon Corp’s reinsurance broking arm and had since become Aon Benfield. Along with this came the announcement of restructuring plans that would cut about 500-700 jobs and...
From strength to strength in the past 12 years, the Asia Insurance Industry Awards has saluted Asia’s top insurance players for their contributions to the region’s insurance sectors.
In this unprecedented economic climate, organisations are seeking to protect their assets and capital base, maintain liquidity and mitigate risk exposure. Now, more than ever, CFOs are being challenged to expand their roles in managing the finance function. Read the tips from the CFO Summit.